Moody’s rates Genesis Energy notes B1

Moody's Investors Service said it assigned a B1 rating to Genesis Energy LP's proposed $450 million senior notes due 2026.

Proceeds will be used to refinance the company’s senior notes due February 2021 as well as for repaying amounts outstanding under its revolving credit facility.

Genesis Energy’s existing ratings, including its Ba3 corporate family rating, the B1 ratings on its senior unsecured notes and SGL-3 speculative grade liquidity rating are unchanged.

The outlook remains negative.

"Genesis Energy's proposed notes issuance will improve the company's debt maturity profile, but does not impact its leverage," James Wilkins, Moody's vice president, said in a news release.

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